Basketball

Another SEC East title in football and an Elite Eight appearance in men’s basketball have led the head coaches of those sports to receive raises and contract extensions heading into their third seasons with the Florida Gators.

Florida announced Friday that Jim McElwain is now employed through the 2022 season on what has become a six-year, $26.9 million contract. Mike White is similarly signed for the next six seasons at a cost of $16.3 million.

“Both Coach Mac and Coach White have done a phenomenal job of leading our programs and we are looking forward to having them lead the Gators for years to come,” athletic director Scott Stricklin said. “As much as both have won games and provided a lot of great memories for our fans and stability for the programs they lead, they have both had a huge impact on the development and personal growth of the athletes they coach.”

McElwain added $6.1 million in total salary, an average increase of $320,000 per season plus the additional year. White, who signed on for a relatively low figure when first joining the Gators, received a boost of $800,000 per season, adding $6.7 million to his contract.

With retention and performance bonuses, McElwain has the potential to exceed $4 million in annual earnings. The head football coach saw that bonus potential increase in a major way with each tier moving dramatically. For example, previously McElwain was set to receive $75,000 for winning the SEC Championship game and $250,000 for leading Florida to a national championship victory; those bonuses are now $200,000 and $400,000, respectively. He also carries over a $750,000 retention bonus when he returns the following season.

McElwain also has more security as it pertains to his buyout as $250,000 has been added to his potential payout per year. Should McElwain be fired without cause, he will earn $2.5 million for each year remaining on his contract mitigated only if he takes another job in the SEC.

There is more to that buyout, however, as it works both ways should another team try to pluck him from the Gators. Should McElwain choose to leave before Jan. 31, 2018, he would owe Florida $3 million ($1.5 million to Colorado State), before Jan. 31, 2019 – $2.5 million ($1 million to CSU), before Jan. 31, 2020 – $2 million ($500,000 to CSU), on or after Feb. 1 2020 – $1.5 million.

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